Jeremiah Ferguson

@LoganMohtashami It is also not a temporary buydown in most cases. And Logan is correct- if it is a temporary buydown, the borrower must be qualified at the highest potential rate that the mortgage could adjust to. This is true for any adjustable rate/temporary buy down program, not just new home

This is a lie as you're qualified for the Max rate

@elonmusk Is disclosure happening?

@MartyClemons7 @calculatedrisk Waiting it out means you’ll most likely spend much more on a house when rates do fall, whether due to inflation or a potential recession. There’s way too much demand and way too little supply

@calculatedrisk Never buying a house at this rate …

Warren Buffett at today’s Berkshire Hathaway AGM: “If you want to know how to live your life, write your own obituary and reverse engineer it.”

@unusual_whales Also somewhat misleading as these are most likely smaller retail banks with unnecessary layers of overhead that are sending their mortgages to the secondary market. If they are squeezing their own profits and also spending money on marketing, they’re creating their own bubble

BREAKING: Housing is so unaffordable that banks are losing money for each mortgage they finance for the first time ever, per BI.

@cvan2023 @unusual_whales As a fellow lender this is completely off base. Appraisals prevent banks from lending more than what a home is worth and home prices are still appreciating, although not as quickly. I don’t see how banks could be losing money on a mortgage unless someone defaults or a short sale

@unusual_whales The houses aren’t worth what people are paying for them , so essentially the bank is lending money for someone to buy an asset that will decrease in value .. so if the homeowner loses the house and can’t keep up with payments banks may have to sell into a down market losing

@ChipotleTweets I’ll take one!

It’s tomorrow. Who wants a code for National Burrito Day? -Alex, Fia, Scott, Chris, & Sheldon

@KobeissiLetter I’m a lender and I’m not even sure how this is allowed. Typical DTI can’t exceed 50-57%. You can’t solve for rising future homeowner’s insurance premiums and property taxes though

% of Income Used on Home Payments, by State: 1. California: 63% 2. Montana: 50% 3. Oregon: 49% 4. Washington: 49% 5. Idaho: 48% 6. Massachusetts: 46% 7. Colorado: 46% 8. Florida: 44% 9. Utah: 44% 10. New York: 43% 11. Nevada: 43% 12. Arizona: 43% 13. New Jersey: 43% 14. Rhode Island 42% 15. New Hampshire: 42% We now have 30 states where residents are paying at least 30% of their annual income on home payments. Meanwhile, mortgage demand is at a 30-year low and housing affordability is worse than 2008. Buying a home has become a luxury.

@KobeissiLetter It’s time for the 40-year mortgage. Income levels aren’t adjusting fast enough to the appreciating home prices. The only feasible solution with the least broad amount of impact is a longer amortization schedule

This is incredible: In California, the median home value is $720,000, which comes with a typical annual payment of $55,000 for a new buyer. This means that the median new buyer is spending ~63% of their income on home payments. This is by far the highest percentage of income required to buy a house out of any state. Montana is a distant second with 52% income used on a median home payment. Americans are struggling to buy houses.

@odetakushi Equity is only insulation if it’s easily accessible and you can’t use your equity to make your mortgage payments. They’re also tightening the standards around cash-out refinances, so unless you’ve already got a decent stockpile of money, the equity is tough to tap into

Homeowners today have an average of $330,000 in equity in their homes, down from last quarter but still historically high. This equity provides a cushion to withstand potential price declines, but also prevents housing distress from turning into a foreclosure.

@DianaOlick @CNBC @MBAMortgage @mortgagenewsmnd Can we not try to put the fear spin cycle on every piece of data that comes out? Interest rates have been volatile for awhile now, but that doesn’t solve for the housing shortage. Any loan officer will tell you that there is strong demand activity for the actual availability

#Mortgage demand increases again, but interest rates are rising @CNBC ⁦@MBAMortgage⁩ ⁦@mortgagenewsmnd⁩ #mortgagerates cnbc.com/2023/03/22/mor…

America needs relief in the form of lower Fed rates. This will spur economic activity and indirectly lower interest on the increasing consumer debt and also achieve the goal of increasing economic optimism instead of just using messaging. Thoughts @elonmusk?

US Credit Card debt is skyrocketing and the average debt to income ratio for housing is at levels that we haven’t seen previously (even prior to 2008). If the Fed takes the US CPI report as a sign to keep raising rates, they will single handedly wreck the economy

The US CPI shows that inflation remains higher than expected and although it might be slowing, it isn’t enough. The Fed and Gov’t are putting all of their poker chips on the jobs report, not taking into consideration that many are working 2-3 jobs just to pay the bills.

The Fed and President just need to admit that we are already in a recession that could potentially get modestly worse. I understand that the messaging might be an optimistic buoy for the American people but the data is pretty clear here….(to be continued)

@TeamJuJu LFG

This is my home, they’re gonna need a wrecking ball to take me outta here! PITTSBURGH I LOVE YOU, LET’S GO!!!!! 💛🖤💛🖤

Under the Bridge music.youtube.com/watch?v=4UnU3r… via @youtubemusic

The Pretender music.youtube.com/watch?v=BMMGwt… via @youtubemusic

@BarstoolBigCat What a damn shame. Such a good show

PMT 8-14 -Awesome interview with Mike Golic -NBA Playoffs set -George Kittle got PAID -Jake Marsh vs Billy Football -Joey Mulinaro reads listener roasts Friyay, Let’s do it —-> Apple.co/pardonmytake

Ok @GavinNewsom and @ericgarcetti, time to get these gyms back open. We need them more than ever right now